ISG reports loss in H1 despite $1.47 billion turnover

ISG reports loss in H1 despite $1.47 billion turnover

One of the largest steel producers in the US, International Steel Group (ISG) reported a net loss of $28.8 million, including a $19.4 million cost for pension contribution, for the first half ending in June 2003. It is also stated that the acquisition of Bethlehem Steel that took place in early May this year, doubled ISG's sales and expanded product range with more higher value added products. Total debt reported for the first half was almost $980 million, $228.4 million of which is planned to be repaid by a public offering of shares. However, the date of the offering is yet to be disclosed.